Common use of Director’s Interest Clause in Contracts

Director’s Interest. The Director shall have the right to designate the beneficiary of any remaining death proceeds of the Policy. The Director shall also have the right to elect and change settlement options that may be permitted. Provided, however, the Director, the Director's transferee or the Director's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this section 2.2 upon the Director's Termination of Service prior to Normal Retirement Age.

Director’s Interest. The Director shall have the right to designate the beneficiary of any remaining death proceeds of the PolicyPolicy in the amount of eighty thousand dollars ($80,000). The Director shall also have the right to elect and change settlement options that may be permitted. Provided, however, the Director, the Director's ’s transferee or the Director's ’s beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this section 2.2 upon if the Director's Termination of Service Director terminates service with the Company prior to Normal Retirement Age.

Director’s Interest. The Director shall have the right to designate the beneficiary of any remaining the death proceeds of the Policyproceeds. The Director shall also have the right to elect and change settlement options that may be permitted. Provided, howeverUpon the termination of this Agreement according to Article 7 herein, the Director, the Director's ’s transferee or the Director's ’s beneficiary shall have no rights or interests in the Policy with respect to that portion of the and no death proceeds designated in benefit shall be paid under this section 2.2 upon the Director's Termination of Service prior to Normal Retirement AgeSection 2.2.

Director’s Interest. The Director shall have the right to designate the beneficiary of any remaining death proceeds of the Policy. The Director shall also have the right to elect and change settlement options that may be permitted. Provided, however, the Director, the Director's transferee or the Director's beneficiary shall have no rights or interests in the Policy with respect to that portion of the death proceeds designated in this section 2.2 upon the Director's Termination of Service prior to Normal Retirement Agea Change of Control.